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EXECUTIVE SUMMARY <br />Housing Needs Analysis <br />Based on our calculations, demand exists for the following general occupancy product types <br />between 2015 and 2025: <br />Market rate rental 265 units <br />o <br />Affordable rental 133 units <br />o <br />Subsidized rental 44 units <br />o <br />For-sale single-family 601 units <br />o <br />For-sale multifamily 186 units <br />o <br /> <br />In addition, we find demand for multiple senior housing product types. By 2020, demand <br />for senior housing is forecast for the following: <br />Active adult ownership 0 units <br />o <br />Active adult market rate rental 77units <br />o <br />Active adult affordable 42units <br />o <br />Active adult subsidized 0 units <br />o <br />Congregate 102 units <br />o <br />Assisted living 47units <br />o <br />Memory care 28units <br />o <br /> <br />Recommendations and Conclusions <br /> <br />Based on the finding of our analysis and demand calculations, the chart on the following <br />page provides a summary of the recommended development concepts by product type for <br />the City of Elk River through 2025. Detailed findings are described in the Conclusions and <br />Recommendations section of the report. <br /> <br /> <br />4 <br />MAXFIELD RESEARCH & CONSULTING, LLC. <br />